Par Pacific Holdings, Inc., an energy company, provides renewable and conventional fuels in the United States. The company operates through three segments: Refining, Retail, and Logistics. The Refining segment owns and operates refineries that convert crude oil into gasoline, distillate, asphalt, and other products. The Retail segment operates convenience stores and fuel retail outlets that sell gasoline, diesel, and retail merchandise, such as soft drinks, prepared food, and other sundries under the Hele, 76, and nomnom brands, as well as unattended cardlock stations. The Logistics segment owns and operates terminals, pipelines, trucking operations, marine vessels, storage facilities, loading and truck racks, and rail facilities for the movement of ethanol, petroleum, and refined products; and a jet fuel storage facility and pipeline that serves Ellsworth Air Force Base in South Dakota. The company also holds interest in crude storage tanks and a crude oil pipeline that provides access to crude oil from power river basin; and refined products pipeline. In addition, it owns and operates a single point mooring, a marine terminal, a unit train-capable rail loading terminal, manifest rail siding, a truck rack, and a proprietary jet fuel pipeline that serves Joint Base Lewis McChord. The company was formerly known as Par Petroleum Corporation and changed its name to Par Pacific Holdings, Inc. in October 2015. Par Pacific Holdings, Inc. was incorporated in 1984 and is headquartered in Houston, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $7.5B | $705M | $369M | $296M | 24.4% | -6.4% | -1208.5% |
| 2024 | $8.0B | $175M | $-33M | $-52M | -2.8% | -3.1% | -104.6% |
| 2023 | $8.2B | $806M | $729M | $497M | 54.6% | 12.4% | 100.1% |
| 2022 | $7.3B | $533M | $364M | $400M | 56.5% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 7,321.78 | 8,231.96 | 7,974.46 | 7,464.65 |
| Operating Revenue | - | 7,321.78 | 8,231.96 | 7,974.46 | 7,464.65 |
| Cost Of Revenue | - | 6,475.78 | 6,957.94 | 7,232.74 | 6,254.15 |
| Gross Profit | - | 846 | 1,274.02 | 741.72 | 1,210.50 |
| Operating Expense | - | 404.60 | 588.43 | 705.67 | 700.91 |
| Research And Development | 9.59 | 9 | 11.40 | - | - |
| Selling General And Administration | - | 62.40 | 91.45 | 108.84 | 98.45 |
| Total Expenses | - | 6,880.39 | 7,546.37 | 7,938.41 | 6,955.06 |
| Operating Income | - | 441.40 | 685.58 | 36.04 | 509.60 |
| Total Operating Income As Reported | - | 437.90 | 680.01 | 47.63 | 538.76 |
| EBITDA | - | 532.96 | 805.59 | 175.36 | 704.58 |
| Normalized EBITDA | - | 541.78 | 842.19 | 177.38 | 702.84 |
| EBIT | - | 433.19 | 685.76 | 43.78 | 560.25 |
| Interest Expense | - | 68.29 | 72.45 | 82.79 | 82.38 |
| Net Interest Income | - | -68.29 | -72.45 | -82.79 | -82.38 |
| Other Non Operating Income Expenses | - | 0.61 | -0.05 | -1.87 | -0.66 |
| Other Income Expense | - | -8.21 | 0.17 | 7.73 | 50.66 |
| Interest Expense Non Operating | - | 68.29 | 72.45 | 82.79 | 82.38 |
| Net Non Operating Interest Income Expense | - | -68.29 | -72.45 | -82.79 | -82.38 |
| Pretax Income | - | 364.90 | 613.31 | -39.02 | 477.87 |
| Tax Provision | - | 0.71 | -115.34 | -5.70 | 110.78 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.02 | -7.69 | -0.29 | 0.40 |
| Net Income Continuous Operations | - | 364.19 | 728.64 | -33.32 | 367.09 |
| Net Income From Continuing And Discontinued Operation | - | 364.19 | 728.64 | -33.32 | 369.39 |
| Net Income From Continuing Operation Net Minority Interest | - | 364.19 | 728.64 | -33.32 | 369.39 |
| Net Income | - | 364.19 | 728.64 | -33.32 | 369.39 |
| Net Income Common Stockholders | - | 364.19 | 728.64 | -33.32 | 369.39 |
| Net Income Including Noncontrolling Interests | - | 364.19 | 728.64 | -33.32 | 367.09 |
| Normalized Income | - | 372.99 | 757.56 | -31.61 | 368.06 |
| Diluted NI Availto Com Stockholders | - | 364.19 | 728.64 | -33.32 | 369.39 |
| Basic Average Shares | - | 59.54 | 60.04 | 56.78 | 50.74 |
| Diluted Average Shares | - | 59.88 | 61.01 | 56.78 | 51.59 |
| Reconciled Depreciation | - | 99.77 | 119.83 | 131.59 | 144.32 |
| Reconciled Cost Of Revenue | - | 6,475.78 | 6,957.94 | 7,232.74 | 6,254.15 |
| Total Unusual Items | - | -8.82 | -36.60 | -2.01 | 1.74 |
| Total Unusual Items Excluding Goodwill | - | -8.82 | -36.60 | -2.01 | 1.74 |
| Minority Interests | - | - | 0 | 0 | 2.30 |
| Special Income Charges | - | -8.82 | -36.60 | -2.01 | 1.74 |
| Other Special Charges | - | 5.33 | 19.18 | 1.69 | 1.15 |
| Impairment Of Capital Assets | 1.84 | 0 | 0 | - | - |
| Restructuring And Mergern Acquisition | - | 3.66 | 17.48 | 0.10 | 4.34 |
| General And Administrative Expense | - | 62.40 | 91.45 | 108.84 | 98.45 |
| Other Gand A | - | 62.40 | 91.45 | 108.84 | 98.45 |
| Gain On Sale Of Ppe | - | 0.17 | 0.06 | -0.22 | 7.22 |
| Other Operating Expenses | - | 342.21 | 496.98 | 596.83 | 602.46 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 | - |
| Earnings From Equity Interest | - | 0 | 36.83 | 11.61 | 49.59 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Par Pacific Holdings, Inc.this co. | PARR | $2.8B | 7.54β discount | 1.84 | 24.4% | 5.46 |
| Helmerich & Payne, Inc. | HP | $4.0B | -24.17 | 1.45 | -6.0% | 9.06 |
| International Seaways, Inc. | INSW | $3.9B | 12.56 | 1.92 | 15.3% | 8.43 |
| Peabody Energy Corporation | BTU | $3.8B | -71.88 | 1.08 | -1.5% | 9.47 |
| Tidewater Inc. | TDW |
| - |
| - |
| - |
| - |
| - |
| - |
| $3.7B |
| 11.04 |
| 2.71 |
| 24.5% |
| 8.67 |
| CVR Energy, Inc. | CVI | $3.4B | 125.66 | 4.65 | 3.7% | 7.89 |
| Talos Energy Inc. | TALO | $2.6B | - | 1.18 | -22.8% | 4.64 |
| Northern Oil and Gas, Inc. | NOG | $2.4B | 61.41 | 1.12 | 1.8% | 4.53 |
| Atlas Energy Solutions Inc. | AESI | $2.3B | -45.32 | 1.89 | -4.2% | 16.00 |
| Peer Median | - | 11.04 | 1.67 | 0.2% | 8.55 | |